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Rangers have raised more than £22m from their listing on the stock exchange

Rangers have confirmed they raised more than £22m from their listing on the stock exchange.

Last Updated: 18/12/12 8:57pm

Charles Green: Rangers chief executive ready for 'exciting time'

Chief executive Charles Green previously said he had secured £17m in pledges from investors and had set aside £10m for fans to buy a stake.

But a statement on Tuesday read: "A total of £22.2 million has been raised from professional and institutional investors and supporters which will be used to take the club forward, strengthen the squad when appropriate and improve facilities."

Green, whose company bought the assets and business of Rangers for £5.5m when the club was liquidated in June, praised supporters for their

contribution despite falling short of the revised target.

In a statement, Green said: "This is an exciting time for everyone associated with this 140-year-old institution but we are just at the start of the journey.

"We are rebuilding and Rangers will rise again and we will do so with the help of our fans and the institutional investors who are on board.

"This process has generated over £22m, which has exceeded the figure of £20m that we set out to raise when we announced our intention to float the company on 11th October 2012.

"I would like to thank our supporters who stepped up to the plate when asked to buy season tickets earlier in the season."